Australia’s QBE Insurance Group on Friday reported a more than twofold jump in its first-half profit, boosted by higher income from premiums, but missed analysts’ view, sending its shares to over a six month low.

The company’s gross written premiums (GWP) grew 2 percent to $13.05 billion for the first half of fiscal 2024 on the back of higher rates for premium for the period.

However, it lowered its GWP growth estimate to 3 percent for fiscal 2024, from 5 percent earlier, as it expects lower premium from its crop division.

Its first-half results were also aided by lower catastrophe-related claims. The company paid out $527 million mainly to account for floods in Dubai, storms in the U.S. and exposure to the unrest in New Caledonia, lower than the $609 million reserved for period.

The Sydney-based insurer, which has a presence in 27 countries, said its profit after tax for the six months ended June was at $806 million, compared with $404 million a year ago, but missed Jefferies estimate of $811 million.

The company’s shares fell 5.1 percent in early trade to A$15.49, their lowest level since late January.

Meanwhile, lower catastrophe-related claims helped its combined operating ratio (COR) improve to 93.8, compared with 98.8 a year earlier. A ratio below 100 means the insurer earned more in premiums than it paid out in claims.

In its North America (NA) segment, COR was 97.5 for the six-months, down from 103.7 in the previous half.

“Investors should derive some comfort from the performance of NA while otherwise the result is broadly in line if not slightly ahead,” analysts at Citi said.

The company had said earlier this year, it would shut down its struggling North America middle-market segment.

It entered into reinsurance deals with Britain-based RiverStone International and global insurance group Enstar, in a bid to de-risk its exposure to reserves totalling about $1.6 billion, which mainly comprises reserves for the NA middle-market segment.

These deals are expected to de-risk all of QBE’s NA middle-market reserves and a small number of other portfolios in its international and North America businesses and lead to a $230 million net capital benefit for QBE in the second half of the year.

(Reporting by Ayushman Ojha, Rishav Chatterjee and Himanshi Akhand in Bengaluru; editing by Pooja Desai, Shilpi Majumdar and Michael Perry)